El Salvador secures $569 million in treasury asset growth by strengthening Bitcoin reserves to over 6,000 BTC
The Bitcoin tally in El Salvador has surpassed 6,000 BTC. The IMF’s request to reduce the country’s Bitcoin policies did not derail the country’s Bitcoin mission.
El Salvador, the first nation to recognize Bitcoin as legal tender, has increased its Bitcoin reserves to more than 6,000 BTC, resulting in a $569 million increase in treasury development. With this latest development, El Salvador has become the sixth nation to possess more than 6,000 Bitcoin.
The National Bitcoin Office of El Salvador’s portfolio tracker indicates that the Central American nation acquired one Bitcoin on December 29, increasing its total to 6000.77 Bitcoin, which is equivalent to $569.3 million.
The country’s Bitcoin investment increased to 108.02% following the acquisition. The Nayib Bukele portfolio tracker also suggests that El Salvador acquired the digital assets at an average purchase price of $45,450 per Bitcoin.
September 6, 2021, marked the nation’s inaugural Bitcoin acquisition, as it acquired 200 Bitcoins. By that time, it had become the first nation to declare Bitcoin as lawful tender. President Nayib Bukele’s nation has further solidified its status as a treasury asset through its most recent acquisition of cryptocurrency.
El Salvador occupies the sixth position in the list of nations that possess Bitcoin. In terms of BitBo’s Bitcoin Treasuries data, it is inferior to the United States, China, the United Kingdom, Ukraine, and Bhutan.
Despite the International Monetary Fund (IMF) imploring that the country reduce its Bitcoin activity, the country purchased $1 million worth of Bitcoin on December 22, one day after forging a $1.4 billion agreement with the IMF. However, the country continues to purchase one Bitcoin per day.
El Salvador’s National Bitcoin Office Director Stacy Herbert stated on December 19 that the country would continue to purchase Bitcoin at an accelerated rate. These purchases are consistent with Herbert’s statement.
Ever since it embarked on the mission of accumulating digital assets, El Salvador has been pleased with the accomplishments associated with Bitcoin. It recently demonstrated those accomplishments during a meeting between the Ambassador of the People’s Republic of China, Zhang Yanhui, and Vice President Félix Ulloa Jr.
The Vice President declared that Bitcoin had elevated their nation to the status of a symbol of financial liberty during the meeting. He also clarified that the country’s Bitcoin reserve is presently valued at over $500 million, surpassing 6,217 BTC.
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